I wouldn’t go quite that far. During the dotcom bubble, companies were given high valuations without a business model or revenue stream. That’s not happening in the renewables sector: while many companies are trading above their intrinsic value, you’re not seeing the same crazy valuations with absolutely no basis in reality you saw with tech stocks back then. The problem is mainly that companies are small (a round of consolidation will happen soon I’d wager) and vunerable to even fairly small changes in the political or economic climate. An oil major can sit out a rough patch without breaking a sweat because of their sheer scale, something very few renewable companies can at the moment. As renewables mature and becomes less dependent on government support, things will improve massively. The business cycle, for all its vagaries, is far more predictable than the political cl...